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Friday, April 4, 2014

How to Avoid these 6 Common Home Selling Mistakes


 
There are many great Orange County area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (626) 780-2705 for a FREE home buying or selling consultation to answer any of your real estate questions.

How to Avoid these 6 Common Home Selling Mistakes
In accordance with our commitment to educate you about real estate, we are here to talk about 6 common mistakes people make when selling their property. Keep in mind that all of these are totally avoidable - you just need to know about them beforehand.
6 Common Home Selling Mistakes
1.     Overpricing Property: This initial mistake can ruin a perfectly sell-able property. Luckily, Frank has a good handle on Southern California homes and can effectively price yours for a fast sale at a premium price. Always consult a professional like Frank, who has over 14 years of experience.
2.     Inability to show a home: You must make your home available to as many consumers as possible. If you can't show your home to a large audience, then your chances of selling it have already significantly decreased.
3.     You Must Declutter & Depersonalize Your Home: In relation to showing your home, you cannot have clutter or personal items like artwork or posters showing when you are trying to sell it. Neutralize your home so that buyers can imagine themselves inhabiting it. Plus, if you're going to be moving out, it's good to get all the clutter cleared out anyway.
4.     Unpleasant Odors: Once again, aim to have your property as neutral as possible, including the way it smells. Don't smoke inside your home, and avoid cooking fragrant foods like cabbage or curry. Even pleasant smells should be avoided in a home because those carry personality, and you want to aim for neutrality. If you have pet stains or odors, consult a professional service to remove them.
5.     Unwillingness to Negotiate with Buyers: Real estate agents are professional negotiators and they have your best interests in mind with everything they do. No real estate deal goes without a hitch, so expect negotiations, and expect your agent to work in your favor each and every time. Concessions are sometimes necessary for the sale to occur.
6.     Unwillingness to make repairs: If a buyer is making an investment on your property, it is certainly within reason for them to have concerns about repairs. The thing is, you have to choose your battles wisely. Some repairs can be more important than others, and your agent should negotiate and inform you as to which ones are most crucial to sell your property.
Hopefully this information has been helpful for you. If you know anyone that is interested in buying or selling property in the Orange County area, then please contact us and we would be glad to help them out. Give us a call at (626) 780-2705 or email us at FDelRio@live.com

Thursday, March 6, 2014

How to Keep Your Property Tax Bases Low - Understanding California Property Tax Proposition



There are many great Orange County area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (626) 780-2705 for a FREE home buying or selling consultation to answer any of your real estate questions.

Today I will be going over California property taxes and a few different tax propositions in order for you to save more money on taxes.

Property Taxes: The Basics
 

     -You can choose to have your property taxes built in to your monthly mortgage,
      where you would not need to worry about paying these bills by the deadline. 
     -However, if you have not had your taxes impounded into your mortgage,
       you have two separate installments that you can pay your taxes with. 
          -The first installment occurs from November 1st to December 10th every
            year.  
          -The second installment occurs from February 1st to April 10th.   
                   -Be sure to pay these on time to avoid any late-fee penalties.

California Tax Propositions...
 
There are a number of different tax propositions in California, and many of them aim to protect the citizens of our state from paying taxes that are simply too costly for home owners to afford.

Proposition 13:
 

      -This is the most popular, and it forbids a reassessment of your home unless
       there was a change of ownership or some type of new construction 
       occurred on your property.  
      -This was passed in 1978 as a result of a tax revolt by the citizens of California.
       The story is that home values were escalating very rapidly, and properties were
       being assessed every four years. Home owners began noticing that because
       of the rising value of their homes, their taxes were doubling, even
       tripling, every three years.  
            -Finally home owners became fed up, and Proposition 13 went into effect
             which capped the maximum increase in property taxes to 2% each year. 
                   -This 2% increase is also tied to inflation which is calculated by
                    going over the California Consumer Price Index. 
                   -Proposition 13 also helps local governments to plan their budgets
                    accordingly because with this legislation they can make an educated 
                    guess about what their tax revenues might look like.  
       -Here is more information on Proposition 13:
       http://ocgov.com/gov/assessor/realproperty/prop13

Proposition 60: 

      -Another popular proposition that many of our clients have used. 
      -You have to be 55 years old to gain these benefits, but it can help you if you 
      currently have a low tax base and are looking to transfer it to a new property that
      you're thinking about buying and moving into. 
          -This is meant to help aging parents whose children have moved out of a home
           and are now deciding to downsize. However, the worry is that they will not
           be able to afford the taxes on a new property. 
          -This is a one-time offer and the purchase of your next home must have the
           same market value as the one that you're currently occupying. Usually this 
           can only take place within the same county, so be sure to do some research
           or check with your local assessor before you make this important transition. 
                 -You are allowed a second transfer under this Proposition, but this is
                  only allowed if you're permanently disabled. For example, if you've
                  used proposition 60 to buy a new 2-story home, but for some reason you 
                  become permanently disabled and cannot gain access to the entire
                  property, then you could qualify for a 2nd transfer (with a doctor's
                  certification). The same rules apply, though. The homes must be of the
                  same market value and in the same county. 
       -For more information on this Proposition visit:
             http://assessor.lacounty.gov/extranet/guides/prop6090.aspx 
       -There is also more valuable information here
             http://ocgov.com/gov/assessor/programs/55plus

If you have any more questions about these issues I would be more than happy to help you out. I have also listed the contact information for county assessor's offices below. Once again, if you know anyone that is looking to buy or sell real estate in the Orange County area, please have them give me a call at (626)-780-2705 or email me at FDelRio@live.com

Wednesday, February 12, 2014

The hazards of online home searches



There are many great Orange County area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (626) 780-2705 for a FREE home buying or selling consultation to answer any of your real estate questions.

The hazards of online home searches

I seem to get a lot of questions from clients about the data produced by Zillow, Trulia and other home search engines alike. While these sites can be a huge asset to your search, it's important to take their information with a grain of salt. These websites use algorithms that have specific variables such as square footage, number of bathrooms and number of bedrooms. So it’s important to have a realtor look at your home to ensure these numbers are completely correct. The last thing you want is incorrect information to negatively affect the buying or selling process.

Also keep in mind that these search engines do not know where the market is headed. Is the market neutral, on the rise, or is it in decline? This can significantly impact the value of your home. In fact, in one case Zillow reported a home being worth $650,000 but it ended up selling for $1.2 million; Zillow was almost 50% off.

So call a realtor, Find out what's happening in the market and how it affects your home price. And always be sure to call me if you’re interested in buying or selling a home. Thank you for joining me today, I hope to hear from you soon!

Remember when it comes to buying or selling real estate, Frank gets it done! 

Wednesday, January 15, 2014

What's Ahead for the 2014 Real Estate Market?



What's Ahead for the 2014 Real Estate Market?

This past year has been pretty amazing to say the least. Today I wanted to reveal my predictions for 2014 real estate market; but before I begin, I wanted thank you for your continued business and your referrals. They are the lifeblood of my business and we are very appreciative and grateful for all you have done for us in 2013 and we are excited for an amazing 2014 in real estate.

In no order of importance here are my top seven real estate predictions for 2014.

1. Home prices will stabilize in some areas and others will experience gentle appreciation. In the last twelve months, most metropolitan areas across the county saw substantial increase in prices. For us here locally the upswing in values were fantastic, it's was the first time in 6 years there was good news for home seller.

This year don't expect a big upswing in prices like we just had however, gentle appreciation will occur in small markets where inventory is low. Connect with me if you'd like to know your neighborhoods inventory levels & absorption rate.

2. Home builders & new construction will compete with resale housing. We are seeing it all over the place; developers are back in the game & new construction is being built. Big homebuilders are buying large & small tracks of land all over the country, especially here in Southern California.

3. Rental housing markets will surge & go up. Rentals are in demand here locally. If you have a property you want to put on the market as a yearly rental you could have up to 8-12 applicants. Because of the shortage of good quality rentals it’s causing the rents to rise.

4. Interest rates, the market is still very interest rate sensitive. They've been extremely low for a very long time but we anticipate the rates to continue to climb.

All eyes will on Janet Yellen this year; she will become new chairperson of the Federal Reserve.

Yellen will continue to monitor the bond-buying program, but inflation will continue which will lead to higher rates and more costs involved for getting financing. Interest rates can only be suppressed for so long, we expect interest rates will rise and hit 5% or higher. Buy or refinance now and lock in the rates while you still can.
  
5. Inventory will slightly rise. According to core logic it's a company that deals in real estate statistics and this past year 2013 they estimate that there was over 3 million households that went from what we call negative equity meaning they owed more than the house was worth to positive equity.

So for theses homeowners it has a huge impact on their psyche, their financial situation and their confidence of what they're able to do with their property. So when 3 million households go from negative equity to positive equity that opens them up to make moves in the market and you will see more homes come up for sale because it.

6. Homes with good curb appeal will lead market sales. Home buyers will be extremely picky in 2014; they will only buy the best home in the best condition at the most affordable price. The Buyers mentality has shifted from doing whatever is needed to buy a home to now being extremely aware of value and cost.

7. Real estate offices and real estate licensees will increase again this year. You’re going to see real estate agents who are getting back into RE to make a quick buck cause the they think the market is booming again like the early 2001-2005 market.

When it comes time to sell your home, Be very cautious to not just go with the first agent you meet with, do your homework. Make sure your agent has been listing and selling homes successfully for a minimum 10 years more & they have a track record to prove it. Who you work with matters in 2014.

If you have any questions about this information or would like to discuss your plans, don’t hesitate to call or email me. I hope you have a prosperous and productive 2014 and thank you again for all of your referrals and past business.

Remember when it comes to buying or selling real estate, Frank gets it done!

Friday, December 20, 2013

Happy Holidays and Thank You!



The holidays are approaching and with that comes the special time of year where we want to give thanks and show love to our family, friends and people who have helped us this past year. I hope my family, clients and business partners feel the same way and offer thanks to the people who have made you the person you are today.

I want to wish you all a happy and safe holiday. Thank you!

Friday, December 6, 2013

How to Maximize Your Home’s Appraisal Value



How to Maximize Your Home’s Appraisal Value

One of the most important elements of pricing your home to sell is your appraisal value. Both buyers and their lenders want to know your home is worth the price tag. So how can you maximize your home’s appraisal value? There are eight simple, yet effective ways to getting a higher value. 

Step 1:Make sure your home is clean and offers great curbside appeal. 
First impressions are important. Make sure to maintain your landscaping. Remove your cars from the driveway to reduce the appearance of clutter. 

Step 2: Keep and Maintain an itemized list of all updates and upgrades you’ve done to your home.

Be prepared to show the money you’ve invested to increase your home value. 

Step 3: Do your homework.
Keep comps on hand of homes similar to yours to show the appraiser. Every bit of information helps increase your appraisal value. 

Step 4: Pay attention to the improvements that will increase your home’s value.
There are certain upgrades you can do that increase your value and yield better returns on investment: hardwood floors, lighting, plumbing fixtures, kitchen and bathrooms. 

Step 5: Always apply the $500 rule.
 
Any repairs that cost more than $500 actually account against your home’s value. Fix what needs to be fixed, such as broken windows or any structural damage. 

Step 6: Play up your location.
If there have been any recent changes to the neighborhood such as a new school, retail store or if your home is near a landmark, make sure to mention it to the appraiser.

Step 7: Make the appraiser feel at home.
This is one of the most important steps. Make sure the home is at a comfortable temperature. If you have a pet, board it for the day. 

Step 8: Ask questions after the appraiser has appraised your home. 
I know you may get excited or anxious to talk to the appraiser while they are inspecting your home, but wait. Don’t follow the appraiser around your home. They are there to do their job; let them do it. Once they have completed the appraisal, you can ask your questions. 

If you’re thinking about making improvements to your home, make sure you don’t ‘over-improve.’ Call me and we can discuss what repairs your home actually needs. Your home should match your neighborhood’s environment.

If you have any questions about how to maximize your home’s appraisal value or if you need referrals for some great appraisers, call me. I’m here to be your real estate resource.

Thursday, November 14, 2013

Why A Trust?



Why A Trust?

Hey, everyone! Welcome back to my video blog! Today, I wanted to talk about trusts and why they are preferred over wills.

So, what is a trust? A trust divides ownership of a property into two parts.
1.    Trustee. The trustee holds ownership and control of the property.
2.    Beneficiary. The beneficiary holds the soul right of the enjoyment of the property.

Did you know that often trusts are preferred over wills when ensuring the orderly transfer of property in case of a death? Trusts can be executed immediately and can handle a variety of different circumstances. If you are injured or become incapacitated, a trustee can take over your finances.

Another great thing about trusts is the assets such as personal property are not subject to probate proceedings. This is a HUGE relief in avoiding expensive fees from both attorneys and probate court.

Trusts can also be changed much easier than a will. One simple notarized page from both the trustee and beneficiary is all it takes!

The BEST part about a trust, though, is getting favorable tax treatment! If you have a personal net worth of $100,000 or more, a trust will maximize your estate tax exemptions. It will also ensure at the time of your death, your heirs can inherit the estate and avoid any penalties and fees from our good friends, the IRS.

Take it from me. You don’t want your loved one to lose their home at the time of death to the state due to lack of estate preparation.

As, always if you ever know of a friend, a coworker, relative or even a friend on a social media site that is interested in buying or selling a property, connect with me today!